Mortgage Rates Lowest in Nearly a Month
In a change of trend, mortgage rates dropped this week for the first time after seven weeks of rising, as Freddie Mac’s latest Primary Mortgage Market Survey (PMMS) reports rates dropping to an average 3.13% for the week ending April 8, 2021, down from last week’s total of 3.18%.
Freddie Mac’s Economic and Housing Research Group finds a lot to like in the present economic Environment.
All in all, the report says conditions should remain generally favorable for the housing and mortgage market through 2022, although rising rates could provide headwinds that slow housing activity. The group predicts the 30-year fixed mortgage rate will average 3.4 percent in the fourth quarter of 2021, rising to 3.8 percent in the fourth quarter of 2022.
In addition, it offers the following forecasts:
LendingTree’s study found that San Jose, California, San Francisco, and Raleigh, North Carolina, and Portland, Oregon, top the list of cities with the most competitive homebuyers.
Further findings from the study revealed the following:
The bill would also bar landlords from reporting a tenant’s nonpayment of rent during the pandemic period to consumer credit agencies and would shield renters from having any missed payments during the COVID-era considered when they apply for rental housing in the future.
In addition, the legislation would temporarily relax occupancy limits, allowing renters to have friends and family stay with them during the pandemic period while still giving landlords the ability to screen any guests.
Down payment assistance programs are key for shrinking the racial wealth gap, Urban Institute finds
The Urban Institute‘s Housing Finance Policy Center recently posited that down payment assistance for first-generation homebuyers could help turn the tide of systemic racism by reducing intergenerational wealth disparities.
Researchers said federal, state, and local housing policies have “systematically excluded Black families and other families of color from homeownership,” with one UI study projecting the Black-white homeownership gap – at more than 30 percentage points in 2018 – will continue to grow if current policies stay the same.
The website Niche.com, which collects data on real estate and education nationwide, recently published a list of the best neighborhoods to buy a home in the city. It based its conclusions on more than a dozen factors, including home values, cost of living, home ownership and quality of schools.
The Mortgage Bankers Association (MBA) has reported that independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks made an average profit of $4,202 on each loan originated in 2020, a $1,470 increase per loan over 2019’s totals.
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